Jack Dorsey's Block reveals its own bitcoin mining system
Block, previously known as Square and led by Jack Dorsey, is expanding its operations in the bitcoin mining sector. The tech giant announced on Tuesday that it has successfully developed a standalone three-nanometer bitcoin mining chip. The design phase is currently in progress with a leading global semiconductor foundry. Block also plans to extend its project to include system design, aiming to democratize access to bitcoin mining.
Block has been consulting with Bitcoin miners
Block has been investing significant time in consulting with various bitcoin miners to understand the challenges they face. "Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design," the company stated. The project aims to make bitcoin mining more accessible, addressing the current lack of incentives for individuals to navigate the complexities of running their own miner.
Dorsey envisions a future where mining is easy
Dorsey, when Block first ventured into mining hardware in 2021, highlighted the sector's accessibility issues. He envisions a future where "Bitcoin mining should be as easy as plugging a rig into a power source." Block's project aims to decentralize both the supply of bitcoin mining hardware and the distribution of hashrate, addressing significant entry barriers such as hard-to-find and expensive mining rigs with unpredictable delivery times.
Block's plans for 'Bitcoin mining system based on custom silicon'
Last year, Dorsey hinted at Block's plans for a "bitcoin mining system based on custom silicon." He emphasized the need for greater focus on vertical integration and silicon design, which he believes is overly concentrated among a few companies. Thomas Templeton, Block's general manager for hardware, has shared plans to improve reliability and user experience in mining by addressing common issues such as heat dissipation and noise production.
